On Aug. 23, 2016, we revised the outlook on Mexico to negative from stable. As a result, we're revising our outlook on 12 Mexican financial institutions to negative from stable. We're affirming the global and national scale ratings on these entities as well as on their senior unsecured and secured debt. A downgrade of Mexico in the next 18-24 months could prompt a similar rating action on the global scale ratings on these financial institutions. On Aug. 23, 2016, S&P Global Ratings revised its long-term global scale rating outlook on 12 Mexican financial institutions (see rating list) to negative from stable, including six commercial private banks, five government-related entities (GREs), and the sole Mexican clearinghouse. At the same time, we
